Solar Panel Cost Guide in Cold Spring, MN (2023 Update)
- Cold Spring Solar Installation Cost: $14,129
- 25-Year Savings: $18,333
- Payback Period: 10.9 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Cold Spring
We go over average solar pricing in Cold Spring.
While the national average of solar panels is $2.66 per watt, solar panels in Cold Spring typically cost about 2.84. The average Cold Spring homeowner needs a 7.1-kilowatt system, which would cost about $14,135 with the federal tax credit, or $20,213 before the 30% tax credit is applied.
Bear in mind that the figures above are only estimates based on the average Cold Spring homeowner. The price of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. With typical savings of about $17,000 on electricity bills over 20 years, many homeowners in Cold Spring find going solar can be quite rewarding.
For a customized quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Cold Spring
| Year | Return on Investment |
|---|---|
| 1 years | $-12,850 |
| 3 years | $-10,291 |
| 5 years | $-7,732 |
| 7 years | $-5,173 |
| 9 years | $-2,614 |
| 11 years | $-55 |
| 13 years | $2,504 |
| 15 years | $5,063 |
| 17 years | $7,621 |
| 19 years | $10,180 |
| 21 years | $12,739 |
| 23 years | $15,298 |
| 25 years | $17,857 |
Top Solar Installers in Cold Spring
Trying to install solar panels by yourself can be a dangerous undertaking, which is why hiring a solar installer is a good option for many homeowners. A solar company can also help save you money over time by offering warranties, repairs and part replacements.
If you're searching for a solar company in Cold Spring, we've put together a list of our top suggestions here:
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Cold Spring
Factors that Affect Solar Panel Costs in Cold Spring
For many Cold Spring homeowners, the decision to install solar panels rests on cost. However, the range of solar installation costs can be quite wide in Cold Spring, with typical prices between $20,000 to $40,000. There are a number of factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. For that reason, it's a priority to accurately ascertain the size of the solar energy system needed for your home by figuring out your energy needs. The brand and type of equipment you get for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be a challenge. Solar loans are available from most installers in Cold Spring, which can reduce, or in some cases totally eliminate, your upfront costs to make solar more affordable. However, the interest on solar loans also increases your total costs, so it's crucial to take that into consideration as well. You can always reduce the total you pay in interest and sometimes even your APR by putting more money down.
Solar Panel Installation Company
Finally, the company you opt for to install your solar system can play a role in determining the cost. Cold Spring's solar companies all have different labor costs and add varying upcharges to equipment. Companies that only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It's best to do some research and decide on the company that has the products, warranties and services you want and also is within your budget.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.95 | $12,405 | $15,000 | 11.3 years |
| 8 kW | $2.90 | $16,222 | $20,318 | 11.1 years |
| 10 kW | $2.84 | $19,880 | $25,795 | 10.9 years |
| 12 kW | $2.78 | $23,379 | $31,431 | 10.7 years |
| 14 kW | $2.73 | $26,719 | $37,226 | 10.4 years |
| 16 kW | $2.67 | $29,900 | $43,180 | 10.2 years |
| 18 kW | $2.61 | $32,921 | $49,293 | 10.0 years |
| 20 kW | $2.56 | $35,784 | $55,565 | 9.8 years |
How to Save on Solar Panels
The solar installer you choose will be a major factor in determining not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are some important things you should consider, such as:
- Installation Process: Get detailed information from your solar company about the installation process and what to expect, such as when the site survey will be completed and how long it will take.
- Contract: Before you sign a contract with a solar installer, make sure you read it through completely so you understand the terms. Also, ask questions if you're not sure about some of the terms, such as what to do if a component breaks or malfunctions and if there are any guarantees about energy production.
- Warranty: A high-quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Solar Panel Brands: The model of solar panel you need to install plays a role in which company you should opt for, since different companies provide different panels.
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Cold Spring, MN Solar Cost FAQs
How much does it cost to install solar panels in Cold Spring?
This is a difficult question to answer precisely, because the cost depends on a variety of factors. Generally speaking, it costs about $14,200 for a 5-kW system and $28,400 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or more efficient panels, or if you have above-average energy consumption. Conversely, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Cold Spring?
Leasing solar panels can be an appealing choice, as it typically comes with low or $0 upfront payments. The drawback is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any incentives and your home value won't increase. Buying solar panels is a better option if you want to get the most savings.
Can you sell solar power back to the grid in Cold Spring?
Most states offer net metering programs of some kind. Through these, you can get paid for the extra power your system generates or or receive credits to put toward future energy bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount of energy production.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Company research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.